Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31...

 

  

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Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice amount was $15,500; assume a perpetual Inventory system. Ape. 1 Borrowed $892,000 from Summit Bank for general use; signed a 10-month, 9% annual Interest-bearing note for the money. June 14 Received a $23,000 customer deposit for services to be performed in the future. July 15 Performed $3,650 of the services palid for on June 14, Dec. 12 Received electric bill for $26,860. vigeland plans to pay the bill in early January. 31 Determined wages of $21,000 were earned but not yet paid on December 31 (disregard payroll taxes). P9-1 Part 2 2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry required on December 31. Note: Enter debits before credits. < Prev 84 of Next > Justing entries required on December 31. (It no entry is required for a transaction/event, select required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry required on December 31. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice amount was $15,500; assume a perpetual Inventory system. Ape. 1 Borrowed $892,000 from Summit Bank for general use; signed a 10-month, 9% annual Interest-bearing note for the money. June 14 Received a $23,000 customer deposit for services to be performed in the future. July 15 Performed $3,650 of the services palid for on June 14, Dec. 12 Received electric bill for $26,860. vigeland plans to pay the bill in early January. 31 Determined wages of $21,000 were earned but not yet paid on December 31 (disregard payroll taxes). P9-1 Part 2 2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry required on December 31. Note: Enter debits before credits. < Prev 84 of Next > Justing entries required on December 31. (It no entry is required for a transaction/event, select required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry required on December 31. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal

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Adjusting Entries Required on December 31 Date General Journal Debit Credit December 31 Interest Exp... View the full answer